Wealth Assistants also said that if clients didn't break even in the first year, they would get their money back.
BI spoke with 16 people who invested between $35,000 and $100,000 each to work with Wealth Assistants and said they lost their money.
Ten days later, Wealth Assistants said it laid off its roughly 75 employees and planned to shut down by December 1.
Selling customers on the entrepreneur lifestyleMany Wealth Assistants clients said they were drawn by the opportunity to generate passive income.
Cart.com sent Wealth Assistants a formal notice of termination in the fall after Wealth Assistants stopped paying its invoices earlier in the year, the representative said.
Persons:
Mike Wimmer, Wimmer, they're, I'm, Ryan Carroll, Max K, Max O, —, Carroll, Carroll didn't, we're, Tina Luk, breakeven, Seth Hamilton, Andrew Pou, Suzy Arriola, Saheb Sabharwal, Cart.com, Moe O'Neil, weren't, Max, you've, it's, they've, We've, we've, Madeline Stone, Jack Newsham
Organizations:
Business, ., Federal Trade Commission, Amazon, Products, Nobu Dallas, Lamborghini, Facebook, Wealth, BI, FTC, DK Automation
Locations:
China, Texas, Nobu, California, Houston, Pennsylvania, mstone@insider.com